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Venezuela has improvised to sell its crypto currency to other nations

24.05.2018, 16:00

Venezuela gave an offering of 30% discount on crude oil for India if this country grants the use of Venezuelan cryptocurrency EI Petro, according to Business Standard.

As cited by sources of the publication, spoke-persons of the Venezuelan detachment department were in India in March. According to the head of the Indian currency exchange Coinsecure, Mohit Kalra in the interview with Business Standard, Venezuelan representative visits different countries and make different offers related to El Petro.

Antecedently, as reported by Kalra, Coinsecure is ready to introduce a bid for the Venezuelan cryptocurrency.Venezuela pronounced El Petro on February 20. The US alert the predicament that crypto-currency can bring because of sanctions applied to Caracas, in March, US President Donald Trump presented his intention to curtail trading operations with EL Petro. Hence, Venezuela has to seek the strategies of launching its cryptocurrency into the world economy.

Source : Delo.ua

Petro has gained a major support when Russia bank pronounced that it would challenge US sanctions on Venezuela by authorizing the user to download an e-wallet so that they could purchase the cryptocurrency with a wire transfer.

As cited by Associated Press, Evrofinance Mosnarbank is the first overseas institution that takes the shine off the Washington sanction by aiding President Maduro in his introduction of cryptocurrency.

The Venezuelan currency is frowned upon for sabotaging the integrity of cryptocurrencies at large.

Russia and Venezuela have been put much effort in remaining strong politically while being able to carry out business outside the American financial system. Russia’s Cryptocurrencies and Blockchain Association currently gives credits to the Venezuelan authority with a Satoshi Nakamoto Price for its “significant contribution in the cryptocurrency industry.” While prohibiting the idea that the currency could be utilized to abet criminal activities, the group’s president pronounces that the dollar is the most well-received currency for terrorists and criminals world over.”

Russia is a significant partner of Venezuela and has supported billions to help Venezuela with debt relief over the years. It also does its best to provide an entry point for Petro in the international acceptance. Nevertheless, it is acknowledged that this task is still a tall-order since sanctions are still validated and its backers are also sanctioned.

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